macroafricaintel Daily Brief | 3 Dec

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets
• Asia shares mixed, US dollar neear 2-1/2 year lows
• Higher US inflation hopes finally look credible
• Fed sees little to no growth in much of US as stress mounts
• US issues travel curbs for Chinese communist party members: NYT
• Oil drops as OPEC+ resume talks on output cut extension after impasse
• Brent down 0.3% at $48.10, WTI down 0.4% at $45.11 (0155GMT)
• Gold rises to over 1-wk high on sagging dollar
• Spot gold up 0.2% at $1,835.37/oz., futures up 0.5% at $1,838.60 (0402GMT)

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
• South Africa parliament debates & votes on Ramaphosa no-confidence motion [Expected to fail but could herald more challenges to president’s authority]
• South Africa Standard Bank PMI Nov-20 [prev. 51.0]
• Nigeria Stanbic IBTC PMI Nov-20 [prev. 53.5]
• Nov-20 PMIs for Kenya, Ghana, etc. also due
• Ghana ruling NPP’s Akufo-Addo & NDC’s Mahama in final campaign push
• South Africa’s Ramaphosa addresses UNGA special session on covid-19
• South Africa’s Ramaphosa delivers speeches on various subjects, expected to address nation on covid-19 measures before end-of-week
• AU hosts AfCFTA business forum (4 Dec)
• Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today
Reuters
• Four aid workers killed in Ethiopia’s Tigray, sources say
• UN & Ethiopia reach aid pact for war-hit Tigray
• Nissan sets up new business unit for Africa region
• eSwatini’s prime minister moved to South Africa hospital for
coronavirus treatment
• Militant violence escalates in Burkina Faso, making widespread hunger worse

Bloomberg
• Land Bank creditor urges South Africa to speed up rescue efforts
• South Africa worst hit by covid-19 falling behind on vaccines
• Elephants for sale as Namibia responds to overcrowding
• Cocoa war sends spreads tumbling as traders fear Africa backlash
• Ghana ex-president plans infrastructure splurge if he wins vote
• Libya must ned war to expel ‘occupying’ foreign forces, UN says
• Nigeria starts bills to boost banks’ liquidity, grow economy
• Oil rises after US supply drop and signs OPEC talks in advance
• Russia’s answer to office 365 helps Putin with Africa ambitions
• Nigeria’s biggest bank in talks to buy Atlas Mara assets
• Morocco needs new IMF deal to ride out virus, finance body says
• Uganda’s Bobi Wine suspends presidential campaign: report
• South Africa virus fears cloud outlook for banks tied to economy

N.B. Full stories of above headlines are available on Reuters & Bloomberg

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